Forman Capital has funded a $19.496 million construction loan and preferred equity investment for a 64-unit townhome rental project in Taylor, Texas. Developer Townbridge Capital plans to construct three and four-bedroom townhomes ranging from 1,500 to 1,900 square feet with detached two-car garages, quartz countertops, stainless steel appliances and durable low maintenance finishes. This new housing will be located just 1.6 miles away from the upcoming Samsung chipmaking plant estimated at $25 billion that is expected to open in 2025 due its lack of qualified workers; while the Tesla gigaplant is approximately 30 miles away from this development site.
Ben Jacobson of Forman commented on the financing gap many traditional lenders have created by pulling back on real estate lending: “Preferred equity can be an ideal solution to fill that gap and get a deal to the closing table.”
